Mine Detection System Market To Witness And Outstanding Growth By Forecast 2028
The mine detection system market is expected to grow from US$ 4,870.78 million in 2021 to US$ 8,286.55 million by 2028; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028.
According to the new research report published by The Insight Partners, titled “Global Mine Detection System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment, Detection Capability, and End User,” the market is expected to grow from US$ 4,870.78 million in 2021 to US$ 8,286.55 million by 2028; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028.
The global mine detection system market is segmented on the basis of deployment, detection capability, and end user. Based on deployment, the market is bifurcated into vehicle mounted and handheld. Based on detection capability, the market is bifurcated into surface and underground. Based on end user, the market is bifurcated into defense and homeland security. The majority of mine detection system contracts are from defense forces because of the increasing importance of border security and growing border conflicts between nations. Homeland security uses handheld detection systems that have overall limited usage.
Major global mine detection system stakeholders are mine detection system & components manufacturers and end users. These component suppliers provide products such as electromagnetic sensors, radars, optical sensors, and thermal detection systems, and disruptions in the supply of the components hamper the production of the final product. Thus, the component manufacturers play a crucial role in the mine detection system market.
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The major end users of the mine detection system market are the defense sector and Homeland Security. The defense forces procure handheld and vehicle-mounted mine detectors in large quantities, which boosts the growth of the market. Further, mine detectors are also used by various border security forces and paramilitary forces to track mine-prone zones continuously. However, these forces majorly use handheld mine detectors. Thus, with the rise in demand for handheld and vehicle-mounted mine detectors among the defense forces and homeland security teams, the mine detection system market is growing prominently.
The military electronics industry in Asia Pacific was severely affected during the first half of 2020, leading to a massive decline in revenues across the stakeholders. The tremendous spread of SARS-CoV-2 across the region resulted in declined military operations and disruptions in the supply chain across the military electronics sector, which lowered the defense electronics expenditure across different countries in FY 2020. These parameters decreased the demand for mine detection systems across the defense sector in APAC. The massive COVID-19 outbreak in China reduced the revenue of the mine detection system market during Q1 of 2020 as China is one of the key suppliers of numerous mine detection systems and various other military electronics. The COVID-19 pandemic disrupted the supply of such componentsin 2020 , which caused delays and cost overruns for a majority of the defense programs. Furthermore, the demand for defense electronics decreased during FY 2020 across multiple Asian countries, such as Taiwan, Australia, Japan, South Korea, and India. However, , the mine detection system market is expected to grow remarkably over the coming years.
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